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February 12, 2014
ADIA Buys London Edition Hotel
A vehicle ultimately controlled by the Abu Dhabi Investment Authority has purchased The London Edition Hotel located at Berners Street, W1 London, together with The Edition sites in New York and Miami. The deal completed in January this year.
The Edition is a joint venture between the Marriot International and Ian Schrager, who founded the Morgans Hotel Group and is often credited with founding the boutique hotel sector. The Morgans Group includes The Sanderson Hotel and St Martins Lane Hotel in London.
ADIA is reported to have paid $815million or (approximately £500million) for the three hotels though the breakdown for the individual sites is unknown. The deal does not include the residential component of The Miami Edition where the penthouse achieved ¢3800psf (approximately £2300psf) setting a record for Miami.
Berners Tavern at The Edition London